Since he was 24 years old, Ben has been depositing $225 at the end of each month into a tax-free retirement account earning interest at the rate of 3.5%/year compounded monthly. Larry, who is the same age as Ben, decided to open a tax-free retirement account 5 years after Ben opened his. If Larry's account earns interest at the same rate as Ben's, determine how much Larry should deposit each month into his account so that both men will have the same amount of money in their accounts at age 65. (Round your answer to the nearest cent.)
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Since he was 24 years old, Ben has been depositing $225 at the end of each month into a tax-free retirement account earning interest at the rate of 3.5%/year compounded monthly. Larry, who is the same age as Ben, decided to open a tax-free retirement account 5 years after Ben opened his. If Larry's account earns interest at the same rate as Ben's, determine how much Larry should deposit each month into his account so that both men will have the same amount of money in their accounts at age 65. (Round your answer to the nearest cent.)
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- Karen has been depositing $140 at the end of each month in a tax-free retirement account since she was 26. Matt, who is the same age as Karen, started depositing $240 at the end of each month in a tax-free retirement account when he was 34. Assuming that both accounts have been and will be earning interest at the rate of 6.5%/year compounded monthly, who will end up with the larger retirement account at the age of 65? Karen MattKaren has been depositing $150 at the end of each month in a tax-free retirement account since she was 25. Matt, who is the same age as Karen, started depositing $250 at the end of each month in a tax-free retirement account when he was 35. Assuming that both accounts havebeen and will be earning interest at the rate of 4%/year compounded monthly, who will end up with the larger retirementaccountat the age of 65? [????:?=?((1+?)^?−1/?) ?ℎ??? ?= ?? ??? ?= # ?? ??????tsAt age 33 Jacob starts making a contribution of $425 at the end of each half-year into a retirement account that pays 6% annually. He continues to do so for 15 years, until he is 48, and then quits making contributions. Suppose that he leaves the money in the account until he is 65. How much money will there be in the account? How much of that money is interest he has earned?
- Today is Derek's 25th birthday. Derek has been advised that he needs to have $3,863,156.00 in his retirement account the day he turns 65. He estimates his retirement account will pay 9.00% interest. Assume he chooses not to deposit anything today. Rather he chooses to make annual deposits into the retirement account starting on his 27.00th birthday and ending on his 65th birthday. How much must those deposits be?DeAndre starts saving for retirement when he starts his first job at age 24. He deposits $2400 into a retirement account earning 3.2% interest every quarter until he turns 61. If he retires at age 61, what is his retirement account balance at the time he retires?Chase starts an IRA (Individual Retirement Account) at the age of 30 to save for retirement. He deposits $400 each month. Upon retirement at the age of 65 , his retirement savings is $558,638.87 . Determine the amount of money Chase deposited over the length of the investment and how much he made in interest upon retirement.
- On Kenji’s first birthday, his parents deposited $12,500 into a savings account that earns a fixed rate of 8.00% and compounds interest annually. By Kenji’s 23rd birthday, his account will have accumulated If Kenji’s parents had waited until his 10th birthday to make their initial deposit of $12,500 into the same account, by Kenji’s 23rd birthday, the balance would have beenNasser is saving for his retirement by making deposits of $1,400 on each birthday into a savings account starting on his 37th birthday and ending on his 44th birthday (inclusive). Given an effective annual rate of interest of 4.4%, how much will he accumulate by his 65th birthday?Daryl wishes to save money to provide for his retirement. He is now 30 years old and will be retiring at age 64. Beginning one month from now, he will begin depositing a fixed amount into a retirement savings account that will earn 12% compounded monthly. Then one year after making his final deposit, he will withdraw $100,000 annually for 25 years. In addition, and after he passes away (assuming he lives 25 years after retirement) he wishes to leave in the fund a sum worth $1,000,000 to his nephew who is under his charge. The fund will continue to earn 12% compounded monthly. How much should the monthly deposits be for his retirement plan?
- A father wants to set aside money for his son's future college education. Money can be deposited in a bank account that pays 8.1% per year, compounded annually. What equal deposits should be made by the father, on his son's 5th through 17th birthdays, in order to provide $6900 on the son's 18th, 19th, 20th, and 21st birthdays?Justin is saving for his retirement 21 years from now by setting up a savings plan. He has set up a savings plan wherein he will deposit $104.00 at the end of every six months for the next 11 years. Interest is 7% compounded semi-annually. (a) How much money will be in his account on the date of his retirement? (b) How much will Justin contribute? (c) How much will be interest?Derek plans to retire on his 65th birthday. However, he plans to work part-time until he turns 75.00. During these years of part-time work, he will neither make deposits to nor take withdrawals from his retirement account. Exactly one year after the day he turns 75.0 when he fully retires, he will begin to make annual withdrawals of $105,330.00 from his retirement account until he turns 92.00. He he will make contributions to his retirement account from his 26th birthday to his 65th birthday. To reach his goal, what must the contributions be? Assume a 5.00% interest rate. (ROUND TO 2 DECIMAL PLACES.)